Telecom Italy Media closed 2012 with revenues of 222,3 million euros, down by 6,7% compared to 2011, and with a negative Ebitda of 44,8 million, against the +27,3 million recorded the previous year. Net financial debt at the end of 2012 instead shot up to 260,1 million, from 138,7 million at the end of 2011.
On the turnover, explains a note from the company, the contraction of the revenues of La7 (-16,1 million) and by Mtv (-18,6 million), while the increase in the network operator's turnover Timb (+20,2 million) only partially offset the result.
The negative result of Ebitda in 2012, explains TI Media, "also affects the significant increase in programming costs of La7 for programming enriched by the launch of new programs and new faces of the network and the decline in Ebitda of MTV".
The increase in debt is mainly determined by the need for industrial investments (56,9 million), the negative Ebitda for 44,8 million and the deterioration in working capital for 36,1 million, partly offset by the collection relating to the tax consolidation for 19,3 million. In comparison with last year, the lower collections in Cairo also weigh.
In 2012, the total gross advertising sales of the La7 and La7d channels amounted to 179,1 million euros, down by 3,5% compared to 2011, however recording a better performance than the market (-15,3%, source Nielsen).
A few minutes before closing, Telecom Italia Media's stock dropped by more than two points.
